Of course, I much prefer having a real blog, with space to develop my thoughts and a permanent record. But there is something to be said for Twitter, which is hard to put my finger on. Twitter gives a feeling of immediacy, that you're speaking to the whole world. Although real blogs are just as public and just as immediate as Twitter, (a) blog interaction suffers from interoperability issues, especially commenting: there are many competing standards, and unfortunately OpenID didn't take off (though maybe Facebook Connect will), whereas Twitter is unified and simple; and (b) the set of people who read you somehow on real blogs feels more limited*. This may be because Twitter users often browse by hashtags (#), rather than users (@).
I have a little problem now: I have "followed" way too many people on Twitter, so I need to split my friends into groups, i.e. reading lists.
* - I, however, have had the opposite experience, which is part of why I abandoned Twitter the first time.
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